Oxford Industries, Inc. has recently released its 10-Q report, providing a detailed insight into its financial health and operations. The company, headquartered in Atlanta, Georgia, is a leading branded apparel company that designs, sources, markets, and distributes lifestyle products worldwide. Its portfolio includes well-known brands such as Tommy Bahama, Lilly Pulitzer, Johnny Was, Southern Tide, TBBC, Duck Head, and Jack Rogers.
In the first quarter of fiscal 2024, Oxford Industries reported net sales of $398.2 million, marking a 5.2% decrease from the same period in fiscal 2023, which saw net sales of $420.1 million. The decrease in net sales was primarily driven by lower sales in Tommy Bahama, Lilly Pulitzer, and Emerging Brands, partially offset by increased sales in Johnny Was. The company's operating income for the first quarter of fiscal 2024 was $52.5 million, a 34.7% decrease from the $80.3 million reported for the same period in fiscal 2023.
The company's net earnings for the first quarter of fiscal 2024 were $38.4 million, representing a 34.4% decrease from the $58.5 million reported in the first quarter of fiscal 2023. This decline in net earnings was primarily attributed to lower operating income in each of the operating groups, a higher operating loss at Corporate and Other, and a higher effective tax rate. As a result, the net earnings per diluted share were $2.42 in the first quarter of fiscal 2024, compared to $3.64 in the first quarter of fiscal 2023, marking a 33.5% decrease.
Oxford Industries operates through a mix of distribution channels, with 80% of its consolidated net sales generated through direct-to-consumer channels, including brand-specific full-price retail stores, e-commerce websites, and outlets, as well as Tommy Bahama food and beverage operations. The remaining 20% of net sales were generated through wholesale distribution channels, including sales to specialty stores, department stores, multi-branded e-commerce retailers, and other retailers.
The company's direct-to-consumer locations include 160 Tommy Bahama locations, 60 Lilly Pulitzer locations, 78 Johnny Was locations, 20 Southern Tide locations, and 4 TBBC locations, as of May 4, 2024. These numbers reflect the company's ongoing efforts to expand its retail footprint and serve its consumers through various channels.
Following these announcements, the company's shares moved 0.8%, and are now trading at a price of $101.78. For the full picture, make sure to review Oxford Industries's 10-Q report.
